CompUSA Closing More Than 50% Of Its Stores
Posted by Sean Fallon on February 28, 2007
Filed Under Misc. Gadgets | Stumble This
CompUSA announced today that it will be closing 126 of its 225 stores over the next two to three months.
“Based on changing conditions in the consumer retail electronics markets, the company identified the need to close and sell stores with low performance or nonstrategic, old store layouts and locations faced with market saturation,” Roman Ross, chief executive officer of CompUSA, said in the statement.”
As part of CompUSA’s realignment strategy, the company will receive a $440 million cash capital infusion. The source of the cash was not specified.
The full press release is available after the break.
CompUSA Announces Realignment Strategy
DALLAS, Feb. 27, 2007 - As part of its plan to realign the organization, CompUSA today announced a comprehensive strategy to improve the company’s financial status. The realignment includes a cash infusion, store closures, major expense reductions and a corporate restructuring.
As part of CompUSA’s realignment strategy, the company will receive a $440 million cash capital infusion. The financial boost will be designated to improve the company’s balance sheet.
“Based on changing conditions in the consumer retail electronics market, the company identified the need to close and sell stores with low performance or non strategic, old store layouts and locations faced with market saturation. The process began last week with the closing of four CompUSA stores and over the next 60-90 days, the company will close a total of 126 stores in the United States to focus on initiatives that enhance its top performing locations,” said Roman Ross, chief executive officer, CompUSA.
CompUSA will continue to offer products and services at 1-800-CompUSA and online at compusa.com, providing more than 80,000 items for consumers and small and medium businesses, along with top-notch technical service from CompUSA TechPro.
Today’s announcement allows the company to focus its efforts and ensure a strong presence in its 103 stores in 39 states and Puerto Rico.
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